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Which limitations do I have with cryptocurrencies?

Last updated: July 26, 2022

While an Estonian private limited liability company is allowed to receive payments and make purchases in cryptocurrencies, the related accounting is much more complex to handle. Since customized solutions are in conflict with our desire to standardize and automate processes, we have currently set some limitations regarding transactions with cryptocurrencies.

Currently, Xolo takes the following view on our customers' business transactions with cryptocurrencies:

  • If your company has earned some profit from providing professional or digital services (i.e. the core business) and would like to invest the spare resources in cryptocurrencies (buying-selling cryptocurrencies), it's accepted. However, if buying-selling cryptocurrencies becomes the core business of the company, we cannot support it anymore, since it requires an activity license in Estonia.

  • You cannot collect your sales revenue or pay for services/products in cryptocurrency.

  • If your company wants to use its resources to mine a cryptocurrency, we don't support it.

  • If your company wants to initiate a (public) offering of tokens (ICO) or accept donations, we don't support it.

  • If your company wants to provide a virtual currency exchange service or a wallet service or become a trading hub/payment gateway itself, we don't support it.

Before you start investing, please make sure your bank supports payments related to purchasing cryptocurrencies.

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